香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部 或任何部分內容而產生或因倚賴有關內容而引致的任何損失承擔任何責任。 中國國際航空股份有限公司 (在中華人民共和國註冊成立 的股份有限公司) (股份代號：753) 聯合公告 持續關連交易 謹此提述中國國航及國泰航空於二零零八年六月二十六日、二零一零年九月十 日、二零一三年九月二十六日、二零一六年八月三十日、二零一九年八月二十 八日及二零二二年八月三十日的聯合公告，該等公告是有關中國國航及國泰航 空於二零零八年六月二十六日之間的框架協議。框架協議已於二零二二年十月 一日續期，以延長協議期限三年，自二零二三年一月一日至二零二五年十二月 三十一日。由於雙方預期框架協議項下進行的若干交易將於二零二五年十二月 三十一日後繼續進行，中國國航與國泰航空已根據本公告中載列的條款，於二 零二五年五月二十八日訂立新框架協議。 由於中國國航為國泰航空的主要股東，故為國泰航空的關連人士，國泰航空集 團成員公司（作為一方）與中國國航集團成員公司及中國國航的 30%受控企業 （作為另一方）之間的交易按 ...

央视网消息：5月28日是国产大飞机C919商业运营两周年。两年来，运营航线持续"上新"，最近一周，就陆续开通上海至深圳和厦门两条新航 线。航线网络覆盖中国16个城市，规模化运营全面加快。 两年间，C919不仅实现了首次商业运营，并投入繁忙的京沪航线，还第一次服务了春运，第一次飞出国门亮相新加坡航展广受好评。 从2023年5月28日全球首架交付的C919成功完成首次商业载客飞行起，国产大飞机的商业运营已满两年。C919运行技术状态正常，安全飞行表 现良好，日利用率等指标稳步提升，综合运营能力得到全面检验。 国产大飞机C919投入商业运营两年来，航线网络不断扩展，安全运营保障和服务水平进一步提升。在京沪、沪深等高收益航线上稳定运营， 不断满足我国民航市场的发展需求。 日前，国产大飞机C919正式开启上海至厦门航线的常态化商业运营。随着厦门加入C919航线网络，两年来，C919的服务范围已覆盖中国大陆 15个城市，并通过上海至香港的跨境航线迈出了国际化步伐。 目前，国航、东航、南航共18架C919飞机投入商业运营，执飞20余条商业航线，安全飞行超3.6万小时，累计运输旅客超过205万人次。 而随着C919规模化运营 ...

Group 1 - The Shanghai Composite Index opened lower and fluctuated, with the Shanghai Utilities Index rising by 0.06% to 4647.84 points and a trading volume of 22.849 billion yuan [1] - The Shanghai Utilities Index has increased by 1.94% over the past month, 1.41% over the past three months, and has decreased by 2.47% year-to-date [1] - The index is categorized into five major sectors: industrial, commercial, real estate, utilities, and comprehensive, reflecting the economic conditions and overall performance of listed companies in these sectors [1] Group 2 - The top ten weighted stocks in the Shanghai Utilities Index include: Beijing-Shanghai High-Speed Railway (8.12%), China Nuclear Power (5.64%), Huaneng Hydropower (5.07%), China Unicom (4.82%), Shanghai Port Group (3.75%), Daqin Railway (3.74%), Three Gorges Energy (3.46%), China Communications Construction (2.91%), Air China (2.85%), and China Railway Construction (2.53%) [1] - The sample of the Shanghai Utilities Index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a total market share of 100% [1] Group 3 - In terms of industry composition within the Shanghai Utilities Index, industrial sector accounts for 51.73%, utilities for 33.68%, communication services for 8.87%, consumer discretionary for 1.72%, energy for 1.67%, financials for 1.10%, materials for 0.86%, and real estate for 0.37% [2] - The criteria for inclusion in the index require securities to have a daily average market capitalization ranking in the top 10 of the Shanghai market after three months of listing, while other securities are included after one year [2] - Securities under risk warning measures are removed from the index starting from the second Friday of the month following the implementation, while those that have their risk warning lifted are included from the next trading day after the second Friday of the following month [2]

金融界消息 截至2025年5月26日收盘，中国国航（601111）报收于8.12元，上涨3.44%，换手率0.77%， 成交量89.32万手，成交金额7.19亿元。 天眼查商业履历信息显示，中国国际航空股份有限公司，成立于2006年，位于北京市，是一家以从事航 空运输业为主的企业。企业注册资本1620079.2838万人民币，实缴资本1452481.5185万人民币。公司法 定代表人为马崇贤。 通过天眼查大数据分析，中国国际航空股份有限公司共对外投资了26家企业，参与招投标项目5000次， 知识产权方面有商标信息1942条，专利信息104条，此外企业还拥有行政许可203个。 来源：金融界 资金流向方面，今日主力资金净流入1.07亿元，占比成交额14.81%。其中，超大单净流入5575.07万 元、占成交额7.75%，大单净流入5075.98万元、占成交额7.06%，中单净流出流出5330.46万元、占成交 额7.41%，小单净流出5320.58万元、占成交额7.4%。 中国国航最新一期业绩显示，截至2025一季报，公司营业总收入400.23亿元、同比减少0.11%，归属净 利润204399.30万元，同比减少 ...

Investment Rating - The report maintains a "Strong Buy" rating for the transportation industry, particularly highlighting opportunities in the shipping and port sectors [4]. Core Insights - The transportation industry is experiencing a mixed performance, with shipping and port sectors under pressure while the express delivery sector continues to grow [1][2]. - The shipping market is expected to recover gradually, with signs of improvement in oil transportation and a stable outlook for port operations despite recent challenges [1][25]. - The express delivery sector is projected to maintain robust growth, although average ticket prices are declining due to increased competition and a shift towards lower-value packages [1][3]. Summary by Sections Shipping and Port Sector - In Q1 2025, the oil transportation market started weakly, with VLCC market performance significantly lower than the same period last year. The overall revenue for 14 listed shipping companies in 2024 was CNY 364.97 billion, a 26.47% increase year-on-year, while net profit rose by 68.72% to CNY 66.79 billion [13][19]. - The port sector showed relative stability in performance, with 18 listed port companies reporting a total revenue of CNY 222.90 billion in 2024, a slight increase of 0.62%, but net profit decreased by 21.78% to CNY 32.22 billion [26][30]. Aviation and Airport Sector - The aviation industry is witnessing a divergence in performance, with traditional full-service airlines facing challenges while low-cost carriers are gaining market share. The overall passenger traffic is recovering, but ticket prices remain weak, impacting profitability [1][2]. - Airport non-aeronautical revenues are under pressure due to new tax agreements affecting profit margins. For instance, the new duty-free agreement at Shanghai Airport has reduced profit elasticity [1][2]. Express Delivery Sector - The express delivery industry in 2024 is expected to see a business volume of 174.5 billion packages, a 21% increase year-on-year, with total revenue reaching CNY 1.4 trillion, up 13% [1][2]. - The average ticket price for express delivery has decreased from CNY 9.1 to CNY 8.0 due to the increasing proportion of low-value packages and heightened competition among leading companies [1][2]. Road and Rail Sector - The railway passenger volume growth reached double digits in 2024, with a total of 4.31 billion passengers, a year-on-year increase of 11.9%. The total freight volume was 5.17 billion tons, up 2.8% [1][2]. - The road transport sector also showed growth, with freight volume reaching 41.88 billion tons, a 3.8% increase, and passenger transport volume at 11.78 billion, up 7% [1][2].

Group 1 - The A-share airport and shipping sector has strengthened, with Huaxia Airlines rising over 7% [1] - Both Juneyao Airlines and China National Aviation have increased by more than 3% [1] - China Eastern Airlines and Southern Airlines also experienced gains [1]

全球航线网络拓展、"一带一路"航线开辟、成渝区域枢纽建设、高高原安全飞行……5月25日，第二十届中国西部 国际博览会（简称西博会）在成都开幕。中国国际航空股份有限公司（简称国航）以"乘西部之风 赴世界之约"为 主题，展现其全力服务国家战略、赋能区域经济的实践成果。 展会上，"飞享全球"板块聚焦国航突出的全球航线网络实力，以462条航线为基础，借助星空联盟，国航旅客可畅 达全球189个国家（地区）的1150个目的地。 "飞享丝路"则记录国航积极响应"一带一路"倡议，68条"空中丝路"航线既是奋力建设的证明，也是迈向更高目标 的起点。 "飞享成渝"展现国航以成都、重庆两地82个国内通航点、31个共飞通航点以及25条国际航线聚力推动成渝地区双 城经济圈建设落地航空领域。 "飞享雪域"以六十年一个甲子的轮回同贺西藏自治区成立60周年和国航拉萨航线安全飞行60周年。国航秉承以"永 攀高峰科学严谨 敢打能胜"为内涵的"飞越天堑"高高原精神，用60年的坚守与探索，淬炼高高原飞行"中国标准"， 助力西藏航空网络建设和西藏高水平对外开放。在国航展台，丰富的展示内容及飞行员科普讲座、精品餐食品鉴 等活动，吸引众多观众驻足参观、互 ...

Core Viewpoint - The article highlights the contrasting fortunes within the low-cost airline industry, exemplified by the struggles of Happy Airlines against the backdrop of profitable competitors like Spring Airlines and Juneyao Airlines. It emphasizes that the challenges faced by Happy Airlines stem from internal issues rather than the overall industry climate [5][8][15]. Group 1: Industry Overview - The low-cost airline sector has seen significant growth, with the market share of low-cost carriers in the Asia-Pacific region increasing from 28.1% in 2020 to 32.4% in 2024 for domestic routes, and from 8.4% to 18.6% for international routes [11]. - In China, the low-cost airline market accounted for only 8.1% of domestic routes as of last year, indicating substantial growth potential as the market matures [11]. - Projections suggest that by 2025, the Chinese low-cost airline market could exceed 120 billion yuan, representing 25% of the total civil aviation transport market, with an annual compound growth rate of 18% [11][12]. Group 2: Happy Airlines' Struggles - Happy Airlines has faced continuous operational challenges since its inception, including a lack of profitability and high debt levels, with a reported asset-liability ratio exceeding 200% as of April this year [19][20]. - The airline's fleet primarily consists of the New Zhou 60 aircraft, which has not been well-received in the market, compounded by competition from high-speed rail networks [19]. - Despite attempts to diversify its fleet by introducing Boeing 737 aircraft, the airline's financial situation worsened due to the pandemic and increased operational costs [19][20]. Group 3: Competitive Landscape - Major low-cost carriers like Spring Airlines have established strong market positions through efficient operational strategies, such as maximizing seating capacity and minimizing operational costs [24][25]. - Traditional full-service airlines are increasingly competing in the low-cost segment, leading to price wars that blur the lines between low-cost and full-service offerings [28][29]. - The overall aviation industry is experiencing "profit anxiety," with average ticket prices declining significantly, impacting profitability across the board [30][31].

Group 1 - The core viewpoint of the report is that the aviation industry is expected to see a turnaround in performance starting in 2025, driven by declining oil prices and long-term supply-demand optimization [1] - The overall trend in the aviation sector from 2025 onwards is characterized by increased volume and stable pricing, with international routes nearing full recovery [1][2] - Airlines are shifting their strategy from price prioritization to a balance of volume and price, with expectations of rising capacity and load factors in 2024, despite pressure on ticket prices [2] Group 2 - Supply of capacity remains constrained due to factors such as supply chain bottlenecks and trade frictions, with aircraft delivery rates expected to be below expectations in the coming years [3] - The significant drop in oil prices is expanding profit margins for airlines, with a 1% decrease in oil prices leading to cost reductions or profit increases for major airlines [4] - If fuel prices remain low in 2025, it will provide substantial support to airline profits [4]

Core Viewpoint - China International Airlines (Air China) has officially launched a direct flight route between Beijing and Toronto, marking a significant milestone in its global route network expansion [1][5]. Group 1: Flight Details - The new route, operated by Boeing 777-300ER aircraft, will have flight numbers CA993/994 and will run twice a week [3][5]. - The CA993 flight departs from Beijing Capital International Airport every Tuesday and Saturday at 12:30 PM, arriving in Toronto at 1:10 PM, with a total flight duration of approximately 12 hours and 40 minutes [3][5]. - The return flight CA994 departs from Toronto Pearson International Airport every Tuesday and Saturday at 4:15 PM, arriving in Beijing the next day at 6:10 PM, with a total flight duration of approximately 13 hours and 55 minutes [3][5]. Group 2: Strategic Importance - The launch of this route increases the number of direct flights between Beijing and Toronto to three per week, including an existing weekly flight operated by Hainan Airlines [3][5]. - Air China aims to strengthen its presence in North America, where it already operates flights to major cities such as Los Angeles, New York, San Francisco, Washington, and Vancouver [5][6]. - The reopening of the Beijing-Toronto route comes after over 30 years since it was last operated, highlighting the growing importance of Canada in Air China's global network [5][6]. Group 3: Community and Economic Impact - The resumption of this route is expected to facilitate easier and more efficient travel between China and Canada, enhancing mutual understanding between the two nations [6]. - Air China plans to continue expanding its capacity and services in the future, aiming to create a more efficient trans-Pacific aviation network [6].